What did the Silverites believe?
The Silverites advocated free coinage of silver. They wanted to lower the gold standard of the United States to silver therefore allowing inflation of the money supply. Many Silverites were in the West, where silver was mined.
What is the main point of Bryan’s speech quizlet?
Delivered by William Jennings Bryan at the 1896 Democratic National Convention in Chicago. The speech advocated bimetallism. At the time, the Democratic Party wanted to standardize the value of the dollar to silver and opposed pegging the value of the United States dollar to a gold standard.
What is bimetallism in US history?
Bimetallism, monetary standard or system based upon the use of two metals, traditionally gold and silver, rather than one (monometallism).
Why did the Silverites favor bimetallism?
Free Silver supporters were opposed by supporters of the Gold Standard (silverites), which was less inflationary. Silverites wanted bimetallism, which would see gold and solver used as currency. As silver was cheaper, economists warned more people would mint it, and thus cause inflation.
What was the crime of 73?
The Crime of 1873 refers to dropping silver dollars from official coinage by act of Congress in that year, setting the stage for the adoption of the gold standard in the U.S.
What were goldbugs and Silverites?
A gold standard, they said, would keep the value of the dollar high. These people were called “gold bugs.” Most were businessmen, bankers, and investors. A silver standard would lower the value of the dollar. These people were called “silverites.”Most were farmers, laborers, and owners of small businesses.”
What is the main point of Bryan’s speech?
The Cross of Gold speech was delivered by William Jennings Bryan, a former United States Representative from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In the address, Bryan supported bimetallism or “free silver”, which he believed would bring the nation prosperity.
What was the free silver movement quizlet?
political agenda adopted by the populist party in 1892 at their Omaha, Nebraska convention. Called for unlimited coinage of silver (bimetallism), government regulation of railroads and industry, graduated income tax, and a number of election reforms.
Why is bimetallism bad?
This instability can be traced to Gresham’s Law, which colloquially states that “bad money drives out good.” Because the prices of two commodities such as gold and silver will invariably fluctuate relative to each other, there will be a tendency for people to hoard money minted from or backed by the relatively more …
What is bimetallism period?
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.
Why did farmers want bimetallism?
Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates. Other scholars claimed that in practice bimetallism had a stabilizing effect on economies.
Who opposed the Crime of 73?
This discussion led the Populists to nominate William Jennings Bryan, the Democrats’ nominee for president in 1896. Bryan had been an outspoken supporter of bimetallism and at the Democratic Convention gave his famous “Cross of Gold” speech that attacked the Crime of ’73.
What was the cause of the silver movement?
The movement was precipitated by an act of Congress in 1873 that omitted the silver dollar from the list of authorized coins (the “Crime of ’73”).
Which is the best definition of Push Comes to shove?
2 : to force forward, downward, or outward The tree is pushing its roots deep in the soil. 3 : to go or make go ahead I had to push to finish the swim.
Who are the supporters of the Free Silver movement?
Supporters of free silver included owners of silver mines in the West, farmers who believed that an expanded currency would increase the price of their crops, and debtors who hoped it would enable them to pay their debts more easily.
Who was the leader of the silver campaign?
A fourth option, a currency backed by land value, was advocated by Senator Leland Stanford through several Senate bills introduced in 1890–1892, but was always killed by the Senate Finance Committee. Three fraternal organizations rose to prominence during the mid-1890s and supported the silver campaign in 1896.